“Crypto Chronicles Unveiled: South Korea Enacts New Law to Safeguard Investors, Australia’s Crypto Association Urges Collaborative Efforts against Scams, and UK Crypto Bill Nears Final Approval”
South Korea Takes a Stand: New Crypto Legislation Passed to Safeguard Fair Trading
In a bid to shield cryptocurrency investors from potential setbacks like the recent Terra ecosystem incident involving Do Kwon, the South Korean government has successfully passed a fresh crypto bill. This comprehensive legislation consolidates 19 crypto-related bills into a unified framework, establishing clear definitions for digital assets. Moreover, it imposes penalties for illicit activities such as market manipulation, unfair trading practices, and the use of undisclosed information in the crypto market.
Australia’s Crypto Association Calls for Unified Action to Combat Scams
Blockchain Australia, the leading crypto organization in the country, has called for enhanced collaboration between banks and the government to combat crypto-related scams. Over the past few months, Australian cryptocurrency exchanges and their customers faced challenges due to payment blocks, restrictions, and delays imposed by major banks. The banks cited the need to protect consumers from scams. In response, Simon Callaghan, the newly appointed CEO of Blockchain Australia, emphasizes the importance of collective efforts within the crypto industry to actively contribute to the fight against scams.
UK Crypto Bill Nears Approval, Paving the Way for Robust Regulation
The Financial Services and Markets bill, a groundbreaking piece of legislation in the United Kingdom, is now awaiting royal assent, poised to become law. Recently approved by the U.K.’s upper chamber on 19 June, this bill grants regulatory powers to key authorities such as the Treasury, Financial Conduct Authority (FCA), Bank of England, and Payments Systems Regulator. Once enacted, it will establish one of the most comprehensive regulatory frameworks for cryptocurrencies globally. While the EU is still deliberating regulations and the United States lags behind, the U.K. is taking a significant stride toward fostering a well-regulated crypto industry.
